Market Overview: Wormhole/Bitcoin (WBTC) on 2025-10-03

• • •

• WBTC/USD traded with a slight uptrend from 9.3e-07 to 9.9e-07, closing near the high.
• A strong volume surge was observed in the late afternoon, particularly between 14:30–15:15 ET.
• Price retested earlier resistance at 9.6e-07 before surging higher, suggesting bullish conviction.
• RSI crossed into overbought territory, hinting at potential short-term exhaustion.
• Bollinger Bands show moderate expansion, reflecting increased volatility in the final hours.

Wormhole/Bitcoin (WBTC) traded in a bullish manner during the 24-hour period, opening at 9.3e-07 on 2025-10-02 at 12:00 ET and reaching a high of 1.01e-06 before closing at 9.8e-07 on 2025-10-03 at 12:00 ET. The price experienced a low of 9.1e-07 and traded on a total volume of 338,193.9 WBTC, with a notional turnover of approximately $332,611.24 (assuming USD pairing).

Structure & Formations

Price action revealed several key levels throughout the 24-hour period. A critical support zone formed between 9.3e-07 and 9.4e-07, where WBTC found multiple bounces during the early hours. Later, price tested and broke above the key resistance of 9.6e-07 and 9.7e-07, showing strong bullish momentum. Notable candlestick formations included a bullish engulfing pattern around 14:30 ET and a strong green bar at 15:15 ET, both signaling renewed buying pressure.

Moving Averages

On the 15-minute chart, price closed above the 20-period and 50-period moving averages, reinforcing the bullish bias. The 50-period line at ~9.6e-07 was recently broken, indicating a potential shift in trend. Daily moving averages (50/100/200) were not fully visible due to the limited 24-hour window, but price action appears to be forming a base above the 50-day MA, which is positive for longer-term holders.

MACD & RSI

The MACD showed a clear bullish crossover and increasing histogram, confirming the strength of the rally. RSI reached levels above 70 in the final hours, suggesting overbought conditions and a possible near-term pullback. However, this is tempered by strong volume, which suggests the move could continue into the next 24 hours. A divergence between RSI and price may not yet be present, but investors should monitor for signs of exhaustion.

Bollinger Bands

Bollinger Bands reflected moderate volatility throughout the session. A contraction occurred early in the morning (around 02:00 ET), followed by a sharp expansion after 14:30 ET, coinciding with the breakout above key resistance. The price closed near the upper band, suggesting the trend is still strong. Traders may watch for a retest of the mid-band (~9.6e-07) for confirmation of sustainability.

Volume & Turnover

Volume spiked dramatically in the late afternoon, especially between 14:30–15:15 ET, during which WBTC surged from ~9.8e-07 to 1.01e-06. The surge in volume confirmed the strength of the move. Notional turnover also spiked during this window, aligning with price action. No major divergence between volume and price was observed during the 24-hour period, suggesting the rally is well-supported.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing (from 9.1e-07 to 9.8e-07), the 61.8% level (~9.6e-07) served as a key resistance level. WBTC broke this level on strong volume, suggesting that the 78.6% level (~9.8e-07) may now act as a pivot. Looking at the broader swing from earlier lows (~9.2e-07), the 50% level (~9.6e-07) was broken, adding technical confirmation to the current bullish trend.

Backtest Hypothesis

Based on the technical structure and confirmed breakout above key resistance levels, a backtest hypothesis could involve a long-entry strategy on a retest of the 9.6e-07 level with a stop loss below 9.5e-07 and a take profit at 9.9e-07 or the next Fibonacci level. This strategy would leverage the strong volume and positive momentum seen in the late afternoon surge. Traders might also consider exiting part of the position if RSI exceeds 80 and diverges from price, signaling a potential short-term exhaustion phase.